Giant's Privatization Proposal Approved By ShareholdersJuly 16, 2014 | Print | Comments | Category: Business, Internet, Software
Chinese online game developer and operator Giant Interactive Group announced that during an extraordinary general meeting, its shareholders voted in favor of its USD3 billion going-private proposal, which was raised on March 17, 2014.
The company said in a statement that their shareholders who own 80% of the company's outstanding ordinary shares participated in the vote and about 99.6% of them voted in favor of the proposal. The transaction is expected to be completed before the end of July. By then, Giant Interactive Group will become a privately held company and its American depositary shares will no longer be listed on the New York Stock Exchange.
On March 17, 2014, Giant Interactive Group announced that the company signed a USD3 billion going-private agreement with its parent company Giant Investment Limited and Giant Merger Limited, a wholly-owned subsidiary of Giant Investment Limited.
According to the agreement, Giant Investment Limited will acquire Giant Interactive Group for USD12 per American depositary share, totaling about USD3 billion. On the completion of the transaction, the company after privatization will be owned by a consortium formed by chairman of Giant Interactive Group Shi Yuzhu, Baring Private Equity Asia, and an affiliate of Hony Capital Fund.
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